Is there anything in RBI's monetary policy today for the common citizen of India?
Moreover, this is only possible if your home loan is at a "floating" rate and not "fixed". Also, RBI meets every two months to decide on interest rates. Therefore, based on economic conditions, your EMIs may increase or decrease every few months.

A labourer carrying dry leaves walks past a Reserve Bank of India (RBI) building during a nationwide strike in Kolkata, India September 2, 2016. REUTERS/Rupak De Chowdhuri/File Photo